News

Home Prices Expected To Rise By Nearly 18% Over The Next Five Years

If you’re thinking about purchasing a home, you might want to make a move because according to experts, prices are heading upward.

According to the Zillow Home Prices Expectations Survey, the median home price in the US is set to jump from the current value of $202,700 to $238,995 by 2024—a nearly 18% increase. And a solid portion of that increase is set to take place this year; the experts surveyed predicted a 4.13% jump in 2018 alone.

Not only are prices trending upwards, but according to a recent report from Freddie Mac, so are mortgage interest rates. According to the report, interest rates for a 30-year fixed mortgage are forecasted to jump an entire percentage point by the end of the year (from 3.9% in Q4 of 2017 to 4.9% by Q4 2018).

The Takeaway

If you’ve been thinking about purchasing a home, you’re going to want to make a move sooner rather than later. The longer you wait, the more you’ll pay for your home.